An independent study has revealed Sheffield Hallam University adds an annual £424 million to the Sheffield City Region economy.
The significant figure is equivalent to 85 World Snooker Championships or 39 Tour de France stages being held in the city each year, in terms of economic impact in the region.
The study by Oxford Economics, which advises governments on economic matters, also found that the University generates £80m in extra annual tax receipts, the equivalent to £44 per person, and spending supports nearly 9,340 local jobs.
Professor Philip Jones, vice-chancellor of Sheffield Hallam University, said: “This independent study confirms Sheffield Hallam as a prize asset for our region and demonstrates how the knowledge economy is actively driving local economic growth and creating new jobs. Sheffield Hallam in particular plays a vital role in providing our region with people who have the skills required to drive growth, especially as such a large proportion of our graduates stay local.”
He added: “Our well-established knowledge economy has a huge impact on regional growth, so I expect universities like Sheffield Hallam to continue to play a major role in our local economy going forward. Whether it be our Advanced Wellbeing Research Centre development attracting investment from major international companies like Toshiba, or our new National Centre of Excellence for Food Engineering working with more than 40 companies to support growth in the food industry – innovation and research can greatly accelerate economic growth.”